3 Ways Technological Investments Can Grow Your Business

Technology and business go hand-in-hand; they’re a match made in innovative heaven. In fact, 79% of CEOs believe that innovation in business, primarily business technology, will lead to competitive advantages and increased profits.

Technology in Business

Technology in business can mean many things, primarily growth. It also means evolution and adapting to changing market trends and customer demands. For example, with technologies that enable automation and provide detailed analytics, organizations can strategically cut costs, streamline business processes, and better cater to customers.

1: Business Technology to Cut Costs

As we just covered, technology can lead to competitive advantages and increased profits. Unfortunately, many organizations don’t realize this and instead choose to cut technological investments when they embark on cost-cutting endeavors. They make the mistake of slashing costs across the board, a strategy that may result in more money in the present, but effectively leaves them weaker down the line.

Instead, organizations should strategically cut costs by identifying nonessential costs and diverting funds to technological investments, which can then lead to reduced costs in the future. For example, an investment in green technology, such as solar energy, will not only lead to reduced electric bills, but also tax credits from the government and utility companies. More on the IT side, migrating infrastructures to the Cloud will also drastically reduce maintenance costs and will allow you to scale up or down as needed.

2: Business Technology to Optimize Processes

It’s quite easy to understand how technology can be used to optimize existing business processes — when newer technologies come out, they’re usually an updated/upgraded version of previous technologies; they fix what was wrong and add new and better features. At the end of the day, the goal with technology is to find better solutions for the business, and technological investments are perfect for this.

Consider AI and automation, for example. Advancements in these areas could drastically increase productivity and employee performance, leading to business growth. Similarly, analytics technology can be used to get a better understanding of data, which would function to better predict outcomes, strategically manage risks, and streamline business processes.

3: Business Technology to Understand Customers

Building off of technological advancements, organizations can use technology to better understand customers — their needs, their motivations, and what product or service they’re most likely to respond to. By injecting technology into the business model, organizations will also be able to completely reshape their customer’s journey according to what they actually want. Looking at analytics again, they can be used to analyze consumer trends and business drivers. This would effectively lead to a much better understanding of customers, facilitating growth.

Final Thoughts and TL;DR

Technology in business is as important as employees; you can’t grow without either. Here’s the tl;dr version of what we covered today:
●79% of CEOs believe that innovation in business, primarily business technology, will lead to competitive advantages and increased profits
●Technology in business means growth and adapting to evolving market trends and customer demands
●Organizations should strategically cut costs by identifying nonessential costs and diverting funds to technological investments, which can then lead to reduced costs in the future (e.g., investing in green technology or a Cloud migration)
●Advancements in AI and automation could drastically increase productivity and employee performance, leading to business growth
●Analytics technology can be used to get a better understanding of data, which would function to better predict outcomes, strategically manage risks, and streamline business processes
●Similarly, analytics can be used to analyze consumer trends and business drivers, leading to a much better understanding of customers and increased growth

Good luck and definitely don’t forget to make investments in technology!